Naira depreciates to N1,405/$ in parallel market

By Elizabeth Adegbesan

The  Naira yesterday depreciated to N1,405 per dollar in the parallel market from N1,380 per dollar on Monday.

But  the naira appreciated to N1,374 per dollar in the Nigerian Foreign Exchange Market,  NFEM .

Data  from the Central Bank of Nigeria,  CBN, showed that the indicative exchange rate for the market fell to N1,374 per dollar from N1,377 per dollar on Monday  reflecting N3  appreciation for the naira. 

Consequently, the margin between the parallel and official markets widened to N28 per dollar from N3 per dollar on Monday.

The turnover in the interbank foreign exchange market rose by 31.9 percent to  $73.6 million from $5

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